[imagesource: Facebook]
Finally, after what felt like years of inaction, the wheels of justice are turning.
Last week, the South African Reserve Bank (SARB) attached former Steinhoff CEO Markus Jooste’s assets, worth billions of rands.
These included art worth about R98 million, financial assets worth R1,2 billion, Jooste’s house in Voelklip, Hermanus, luxury vehicles, and the Lanzerac Wine Estate in Stellenbosch.
That’s bad news for Jooste, of course, and it’s also bad news for Berdine Odendaal, often referred to as Jooste’s younger lover.
You’ve seen all of the snaps of Odendaal living large and so too has SARB, which now suspects her “lavish lifestyle” is “funded by illicit Steinhoff money channelled to her on the ‘oral instructions’” of Jooste”, via his horse racing company, Mayfair Speculators.
As a result of a court case heard at the Western Cape High Court, which is now in arbitration, we know that Odendaal claims her monthly expenses total roughly R200 000.
‘Pony costs’ account for R70 000 of that, ‘hair, makeup, beauty, beauty supplements and healthcare’ R10 000, and ‘clothing’ R5 000.
Despite not really having a job between 2009 and 2019, Odendaal accumulated an impressive and expensive set of assets.
Property in Val de Vie – check. A Bentley Bentayga W12 (bought for more than R5 million) and a Ferrari California (bought for just shy of R4 million) – check.
Those were later sold for a combined sum of less than R5 million and SARB suspects the proceeds may have found their way to Jooste.
In total, somewhere between R80 million and R100 million headed Odendaal’s way via Mayfair Speculators.
The Reserve Bank has since blocked Odendaal’s bank accounts and attached her assets as part of the broader investigation into Steinhoff. These details via The Daily Maverick:
Odendaal came into money, it seems, after just over R60,5-million in 12 tranches was moved into her accounts from Jooste’s horse racing company, Mayfair Speculators, between 2011 and 2015.
These were recorded as “loans” in Mayfair’s books.
In addition, from as early as 2009 onwards, several properties registered in Odendaal’s name – including a house in Pretoria, properties in Val de Vie, Paarl and a stand at Mabalingwe Nature Reserve in Limpopo – were paid for by Mayfair Speculators.
SARB will need to prove that Odendaal was aware of the illegalities of these money transfers. If that box is ticked, her assets will be forfeited to the state.
Facebook posts could come back to haunt Odendaal, as well as her love for polo:
In July this year, Odendaal’s polo team, Brigade One, competed in tournaments hosted in Rome and Tuscany, Italy…
Brigade One counted the world’s number one and two ranked players, Hazel Jackson from the UK and Lia Salvo from Argentina, among its ranks – a privilege for which Odendaal is likely to have forked out an additional few hundred thousand rand, apart from covering her own costs…
Another large question mark is Odendaal describing herself as a “businesswoman”, but the SARB pointed out that she has listed no business interests or related companies when asked to do so. Not even ponies.
The exploits of Brigade One were well documented on social media and reported on by local media outlets.
According to an interview with Polo Lady Magazine from July of this year, Odendaal bonds with her horses by “spending quality time with each one individually, going for lazy day outrides, and being in nature with them”.
Easy to say for someone with a great deal of free time on her hands.
Odendaal does claim to earn R100 000 a month from rental income, as well as other income linked to interest earned on various investments, but SARB smells a rat.
The Bank argues that she has benefitted from the “illegal misappropriation of funds” from Mayfair Speculators and seems to have a paper trail to back up those claims.
It’s all broken down in forensic detail by The Daily Maverick – read that full report here.
[source:dailymaverick]
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